Thinking of opening a PNC savings account? Deciding where to keep your savings is a major financial decision affecting your future net worth. Before you open a savings account at PNC, read this guide to learn more about the types of accounts available and how rates compare to other banks.
Introduction to PNC savings accounts
PNC is the sixth largest bank in the U.S., operating more than 2,300 branches and providing access to 60,000 ATMs nationwide. A wide range of savings accounts are available from PNC, most of which can be opened and managed in person or online. These accounts include standard savings, CDs and money market accounts.
Savings accounts at PNC
Standard Savings
PNC Standard Savings is an entry-level savings account geared towards those just beginning their savings plan. There’s no minimum balance to open an account, and interest begins to accumulate at a rate of 0.01% APY with a minimum balance of just $1. The account’s $5 monthly fee is waived with a minimum balance of $300 or an automatic monthly transfer of at least $25 from a linked PNC checking account.
High Yield Savings
Boasting an APY of 4.65%, PNC High Yield Savings is a savings account designed for individuals and families seeking the maximum possible rate to grow their funds. The minimum balance to earn the advertised APY is just $1 with no additional requirements and no monthly fee. However, those looking to open an account should remember that the interest rate is variable and can change at any time.
Virtual Wallet
PNC Virtual Wallet combines checking and savings in one place for convenient money management. Customers who meet minimum qualifications can earn up to 4.00% APY on funds kept in the Growth portion of their account. These qualifications vary by geographic location but generally involve a minimum balance and/or number of debit card transactions each month.
S is for Savings
S is for Savings is a savings account for kids offered by PNC in partnership with Sesame Workshop, the nonprofit behind Sesame Street. The account provides an opportunity to teach children good money habits through visual learning. When you add funds to your child’s S is for Savings account, the money appears on a virtual table in the PNC app where it can be divided into jars for saving, sharing, and spending. The account earns interest at a rate of 0.01% APY.
Interest rates for PNC savings accounts
Standard Savings | 0.01% |
PNC High Yield Savings | 4.65% |
Virtual Wallet | Up to 4.00% |
S is for Savings | 0.01% |
Comparison of PNC’s savings accounts to top-yielding banks
PNC offers rates up to 4.65% APY through its high-yield savings account. While this rate towers above the current national average of 0.46% APY, it still falls short of rates offered by some competing banks. Our analysis of the best high-yield savings accounts identified several banks that advertise rates of 4.75% APY or higher.
Other savings options at PNC
Certificates of deposit (CDs)
PNC offers a variety of CDs with terms ranging from seven days to ten years. While standard rates tend to fall below industry averages, the bank offers several promotional rates up to 5.25% APY with a minimum deposit of $1,000 in a four-month fixed rate CD. PNC CDs must be opened in person by making an appointment at a bank branch.
Money market accounts (MMA)
PNC Premier Money Market Account is an MMA that offers relationship rates to PNC customers holding checking and savings accounts. Newly opened accounts with a balance of at least $10,000 can qualify for up to 4.00% APY as a promotional rate for the first 12 months. After this period ends, the maximum APY drops to 1.25% for accounts with a minimum balance of $100,000. Rates may vary by location.
Business savings accounts
Small business owners who choose PNC for their banking solutions can choose from various savings options. Standard CDs and money market accounts are both available. PNC also offers MMDA Sweep, an interest-earning account that automatically transfers balances over a predetermined amount in its linked checking account at the end of each business day. The MMDA Sweep account can also act as overdraft protection with automatic transfers back to checking if its balance falls too low.
Health savings accounts (HSAs)
PNC offers a variety of flexible spending accounts, or FSAs, to its business customers. This includes a health savings account, which provides employees with tax-advantaged savings to spend on health-related expenses. PNC BeneFit Plus HSA can be tailored to small businesses with fewer than 10 employees and larger organizations employing 10 or more people.
How PNC’s health savings accounts work
Your employer may include a PNC health savings account, or HSA, as part of your employee benefits. PNC BeneFit Plus HSA is a tax-advantaged account that allows you to set aside funds from your pre-tax paycheck to cover health-related expenses.
Your PNC BeneFit Plus HSA can be used to pay for the following for yourself and your dependents:
- Copays
- Coinsurance
- Deductibles
- Prescription medication
- Dental care
- Orthodontic treatment
- Vision care
- Eyeglasses and contact lenses
- Bandages
Upon enrollment, you can decide how much you want to contribute to your PNC health savings account each year. If you fail to spend the full amount, any remaining balance will roll over to the next year.
Frequently asked questions (FAQs)
PNC offers standard savings accounts, high-yield savings accounts and a savings account for kids. It also has a combined checking and savings option called Virtual Wallet.
PNC’s high-yield savings rates are competitive, but you may be able to find even higher rates at other banks. Our analysis of the best high-yield savings accounts found rates as high as 5.25% APY.
Yes. PNC High Yield Savings offers a return of 4.65% for accounts with a balance of at least $1. There are no monthly fees.
In addition to its standard and high-yield savings account options, PNC offers CDs, money market accounts, health savings accounts (HSAs) and business savings options.
